Hamilton Lane is spending $74 million to acquire a majority interest in a four-asset mixed-use multifamily portfolio in Lower Manhattan. The deal was formed in a partnership with Dalan Real Estate, which will continue to operate the properties and maintain 15 percent of the equity. The transaction will give Hamilton an 85 percent stake.
The portfolio covers 126 multifamily units along with ground-floor retail space that spans more than 11,000 square feet. They are spread across the SoHo and West Village neighborhoods.
Elizabeth Bell, co-head of real estate at Hamilton Lane, said in a statement that the company believes that now is an ideal time to strike, with national real estate values down roughly 20 percent over the last couple of years. And what better market to find an opportunity than in the bright lights of New York?
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